Research topic "Decision-Making"
Better Decision-Making in Markets – Understanding and Improving Decision Processes
In the last decade, the information available about markets and products has multiplied. There is much more information than people can cognitively process. Therefore, we often resort to heuristics, simplified decision rules that allow good decisions but also carry the risk of systematic wrong decisions. On the other hand, decision support systems such as algorithms, labels or product tests and comparisons can help to condense the flood of information. However, their quality, objectivity or neutrality are often unclear. Currently we are working, among other things, on identifying reasons for systematic wrong decisions by market participants and developing proposals for countermeasures.